In the wake of 60 meetings with industry bodies and members, the ombudsman’s board has agreed to a funding model based on usage. The Australian Financial Complaints Authority (AFCA) first signalled
The financial services ombudsman has finalised its new funding model following industry consultation. Most financial firms will pay the same or less fees to the Australian Financial Complaints Author
The proposed AFCA user-pays funding model will be introduced from 1 July with a few improvements following industry feedback while the superannuation levy will be abolished.
The Australian Financial Complaints Authority (AFCA) has created a “merit assessment” process allowing it to quickly identify and exclude complaints where no error or financial loss has been logge
Early merit assessments of complaints are now a permanent feature of the Australian Financial Complaints Authority’s process following a pilot program.